Nokia has announced yet another entry in its Lumia line of Windows Phones: the Lumia 510. This device is Nokia’s most affordable Windows Phone to date, and it will be coming to India, China, South America, and Asia next month for just $199. And that’s without any of the carrier subsidies which often come hand-in-hand with one to three year contracts.

The Lumia 510 sports a nice 4-inch WVGA TFT display running at a resolution of 800 x 480 and a 5MP camera. Under the hood, you’ll find a decent Qualcomm Snapdragon S1 processor, 256MB of RAM, and a scant 4GB of storage, which you’ll be able to supplement with SkyDrive’s free 7GB of cloud storage. But don't expect to find this thing running Windows Phone 8. It'll ship with Windows Phone 7.5, which will presumably be upgradeable to Windows Phone 7.8 in the near future.

The phone’s battery can power the device for approximately 8.4 hours of talk time on GSM networks (653 hours on standby) or 6.2 hours of talk time on WCDMA networks (with 738 hours of standby). Nokia’s usual slate of apps, like Nokia Drive, Maps, and Transport, among others, also come standard.

The Nokia Lumia 510 certainly won’t win any awards for being the coolest device around, but it has fairly decent specs for the price. What do you think?